Fund Description

Normally, at least 80% of the fund's income will be exempt from federal income taxes; derivatives that provide relevant exposure may count toward the 80% policy. The fund may purchase municipal securities of any maturity but generally seeks longer-term municipals. Most holdings are investment grade, with up to 10% of total assets in below investment-grade "junk" bonds. Active management emphasizes fundamental credit research, diversification, and risk management, including duration management and sector and issuer positioning, and it may at times invest a significant portion of assets in sectors such as health care, transportation, utilities, or private activity bonds.